Friday, October 27, 2006

Study: High Tech CEOS Gets Healthy Pay Increase

A study released Thursday by Ernst & Young, J. Robert Scott Executive Search, and Wilmer Cutler Pickering Hale and Dorr LLP reports that 2006 cash compensation for CEOs in the IT and Life Sciences industries showed a significant pay increase this year. The 2006 Compensation and Entrepreneurship Reports in IT and Life Sciences shows that IT CEOs received a 4.3% increase in base salary, and overall 17% in total cash compensation; Life Sciences CEOs had a similar increase, with a 5.1% base salary increase and 16% rise in total cash compensation. CEOs in the IT industries are now being paid an average of $220,000, up from $211,000 in 2005, with target bonuses of $93,000 for 2006, versus $57,000 in 2005. The firms' study was based on the responses of 1,500 IT executives fro 300 companies across the country, and 800 executives from 170 life sciences companies.